Moody's affirms Centaur

Moody's Investors Service said it affirmed Centaur, LLC's B3 corporate family and probability-of-default ratings.

The outlook is stable.

The company's proposed capital structure changes include a $15 million increase in the company's five-year first-lien senior secured term loan and cancellation of its $50 million three-month first-lien delayed draw term loan. The second-lien facility was increased by $50 million to $180 million.

Moody's said the company's proposed changes will result in a $15 million increase in total pro forma debt, but that it believed the increase would not materially impair Centaur's ability to reach a debt-to-EBITDA ratio at or below 5 times by the end of 2010.

Moody's affirmed the B1 rating on Centaur's first-lien senior secured credit facilities and revised the loss-given-default assessment to LGD2, 27% from LGD3, 30%. Moody's also affirmed the Caa1 rating on Centaur's second-lien credit facilities and revised the loss-given-default assessment to LGD5, 72% from LGD5, 75%.

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